ARKAN limit down 10 Jan 2007

Dubai and Abu Dhabi Market news & discussions for Wednesday 10 January 2006

Dubai and Abu Dhabi Market news & discussions today ALDAR 2006 FY results - BOD meeting 17 Jan 2007 to discuss - 10 Jan 2007 ADSB - BOD meeting 16 Jan 2007 to discuss 2007 plan - 10 Jan 2007 BAYAN.DFM - Bayan Investment Company new listing DIB open 23 new branches to have total 53 by end 2007 - KT 26 Jun 2006 DIB voted best Islamic bank worldwide and for the UAE - PR 10 Jan 2007 Delma Brokerage, Abu Dhabi, information - new technology PR 10 Jan 2007 DFM - Dubai Financial Market performance summary 2006 - PR 10 Jan 2007 DU - EFG-Hermes says 33% of market by 2010, rated NEUTRAL - 10 Jan 2007 EBI - receives award for Special Needs employment 10 Jan 2007 NBD Investment Bank joins DIFX as a broker - PR 10 Jan 2007 SALAM BOD meeting 09 Jan 2007 - FY results not discussed - 10 Jan 2007 WARE & NRE - share prices fall on cancelled contracts? 26 Nov 2006

UAE finance and economy related news and discussions today

• Dubai Holding subsidiary - rated A+, may issue bonds - 09/10 Jan 2007
• Dubai Property Market in 2007 - any comments?
• UAE stock markets 2007 - your comments?

UAE Market Report today

top gainers symbol price change (dh) NCTH 4.50 0.25 RAKWCT 1.79 0.05 NBD 9.29 0.24 MAZAYA 8.63 0.20 BILDCO 3.93 0.07

top losers symbol price change (dh) TKFL 3.12 -0.25 UNB 7.12 -0.32 FOODCO 4.84 -0.15 NMDC 3.80 -0.11 SHUAA 4.69 -0.12

top volume symbol value (AED) price EMAAR 373,366,348 12.60 ARKAN 79,946,015 1.38 DIC 35,767,774 4.37 DIB 33,852,782 8.24 ETISALAT 24,564,097 16.85

A bit of a tumble for both UAE markets today. ADSM had a steady decline from 3086 to 3057 points - almost 1% down from increased volume of 192m dhs - over a third of that from newly listed ARKAN going down again. DFM started nicely at about 4175 and drifted up and down a few points from there until midday when it dropped away to finish at 4138 points with moderate volume of 529m dhs worth traded.

Dubai Financial Market

Except for some obscure stocks, every actively traded share fell on DFM today. Shuaa Capital PJSC (SHUAA) and Emaar Properties PJSC (EMAAR) suffering the worst with 2.5% and 2.3% drops respectively. Arabtec Holding PJSC (ARTC) was down 1.5%, Dubai Investments PJSC (DIC) fell 1.8%, and Dubai Islamic Bank (DIB) fell 1.4% even though they were voted the best Islamic bank in the world. The rest of them fell less than 1%, with Emirates Integrated Telecommunications Company (DU) having a reasonably neutral day after an EFG-Hermes report gave them a neutral rating - even that seems a little optimistic in our opinion.

Abu Dhabi Securities Market

Arkan Building Materials was in the spotlight once again today, with shares bottoming out at 1.35, the limit down or 10% from yesterday's close, and a massive 80m dhs worth traded. Only Emaar on DFM traded more by value. ARKAN very quickly fell to the limit down price, bounced up and down a bit and was back to 1.35 by the close of the day. As usual, no buyers in the queue but not so many sellers either. The freefall may have stopped, or at least slowed down.

Emirates Telecommunications Company (ETISALAT) fell only 0.6% to 16.85 but volumes were up significantly to 25m dhs worth. Aldar Properties PJSC (ALDAR) also busy with 17m traded and a 1.3% fall to 3.82. Gulf Cement Company (GCEM) volumes much more than normal with almost AED 10m traded but a slight fall of 0.7% to 4.17. Abu Dhabi Commercial Bank (ADCB) not as hectic as last week and falling 2.2% to 6.26 - perhaps taking a breather before going for another climb? Or is that being too optimistic?

Aabar Petroleum Investments Company PJSC (AABAR), Abu Dhabi Islamic Bank (ADIB), DANA Gas, First Gulf Bank (FGB), National Bank of Abu Dhabi (NBAD), Oasis International Leasing Company PJSC (OILC), and Sudan Telecom Company Ltd (SUDATEL) all fell about 1% or less. Abu Dhabi National Energy Company (TAQA) and Ras Al Khaimah Properties PJSC (RAKPROP) didn't move.

Abu Dhabi National Company for Building Materials (BILDCO) was up 1.8% from only three trades, Ras Al Khaimah Cement Company (RAKCC) up 1%, Ras Al Khaimah White Cement Company (RAKWCT) up 2.9%, NCTH up 5.9% from just one trade, and Gulf Pharmaceutical Industries (JULPHAR) up 1.5%.

• Discuss and read UAE company news at Dubai Share Talk.